(AFP Photo)
AFP – OPEC nudged up its world oil demand forecasts for 2013 and 2014 on Tuesday, citing improved economic sentiment in developed countries, including the United States and Europe.
Demand will grow this year to 89.74 million barrels per day (mbpd), from 88.92 mbpd in 2012, the Organisation of Petroleum Exporting Countries said in its September report.
In August, it had predicted average demand at 89.71 mbpd for 2013.
“The bulk of the positive revision came from the OECD regions as a result of better-than expected market sentiment,” the 12-member cartel said, citing “positive signs of improvement” especially in the United States, Britain and Germany.
The US economy was experiencing a “positive momentum” thanks in large part to a boost in private household consumption.
Meanwhile, the eurozone — long suffering a massive debt crisis — saw higher-than-expected in growth in the second quarter of the year, OPEC said.
“Overall, developed economies are recovering — albeit from low levels — amid a slowdown in emerging and developing economies,” it said.
For 2014, the cartel — which pumps about 35 percent of the world’s oil supply — saw world oil demand averaging 90.77 mbpd, compared to its earlier forecast of 90.75 mbpd.
OPEC also kept its world economic growth forecasts unchanged: at 2.9 percent for this year, followed by 3.5 percent in 2014.
